More than 2,600 units have come online to this point in 2018, and nearly 5,000 apartments are currently under construction.

Rents have generally been on an upswing, but there was a modest dip during the third quarter. Current asking rents are $1,922 per month, 2.8 percent higher than one year ago.

Sale prices have been posting robust gains, particularly as some newer properties have been changing hands. The median price has spiked nearly 30 percent from 2017 to 2018, reaching approximately $340,000 per unit. Cap rates have compressed to an average of about 4.3 percent.